Ok. I don't know whether this is the right time, but please let your family know the details of where you have parked your money. Do it, especially if you're a man and your wife/children has no idea about your bank/investment/debt details.

Please update nominees in your bank a/c. Also, know nominees can claim the amount from your bank after submitting death certificate & legal heir certificate. Know that nominees are different from legal heir. The nominees claim amount but legal heir is entitled to get share.

Please move all your documents - investments, debt, loans to one place and let your family know about it. Also, do let them know of who is the nominee for each and every investment/deposit/savings a/c.

Also, make it a point to keep all your tax filings in one place and let your family know about it. Keep your documents relating to personal debts & business debts separately, & let your family know about it.

Know that for a man/husband, where you have not mentioned anyone in your document as legal heir, by law the property or money goes to
1. Wife
2. Children
3. Mother
In this order.

Know that for a woman/wife, where you have not mentioned anyone in your document as legal heir, by law the property or money goes to
1. Husband
2. Children
In this order.

Where there is no immediate family, property or money goes to the next circle of family

Please know that COVID expenses are covered by the Insurance immediately after 15 days from the date on which you take an insurance. If you don't have an insurance yet, please take one. Helps a lot to overcome the financial burden & trauma.

Please, Please, update your wife & children about your debts, especially those you have taken via promissory notes/hundi etc. Please update them about how much you owe anyone and how to repay them, in case you're not there. Also, update them about the proof of your debts.

If you are a survivor of a family, meaning you are a legal heir (wife/children), and if someone approaches you for debt via promissory note/hundi/bank loan etc, **please know you're entitled to pay only for that amount you have inherited from the person died**.

Whenever someone approaches you to pay debt, whether from bank or by way of promissory note or hundi or anyother means, always ask for the *proof of the debt*. Know only written form/ bank transfers are considered as debt by law.

Also, freeze the bank account of the person deceased, immediately after the death of the person. Ensure to transfer the remaining amount before freezing the account. Note, this can be done only the nominee/nominees.

If you have given any money as debt to any friend or family, make it a point to email them about it and ask for it (whether they repay or not). Know unless there is a written confirmation/bank transfer, the debt is not considered legally to be reclaimed.

Please obtain a legal heir certificate and death certificate upon the death of a person and update it everywhere. It's a must to do so and helps you a long way.

You can also give standing instructions to bank, where upon submission of death certificate, your bank money & deposits are transferred to whomsoever you mention with the bank.

If you have a personal Chartered Accountant or a financial expert or lawyer who manages your finance, please provide their contact number to your family members.

Also, the survivors do know that there's always a pro-bono lawyer/CA who would help u around any legal quagmire.

I really wish and hope that none of you need to make use of this thread. And you all stay safe and healthy. But, please, please make your family members know about your financial sphere, so that they need not undergo financial trauma in your absence.